BI and Analytics Market: Current Analysis and Forecast (2022-2028)

BI and Analytics Market: Current Analysis and Forecast (2022-2028)

BI and analytics include the applications, infrastructure, tools, and best practices that enable information to be accessed and analyzed to improve and optimize decision-making and performance. A primary use of BI is to enable business units, managers, executives, and other operational staff to make more informed decisions backed by accurate data. It helps you find new business opportunities, reduce costs, and identify inefficient processes that need to be reviewed.

The BI and analytics market is expected to grow at a strong CAGR of around 9% during the forecast period owing to the increasing adoption of cloud computing, big data analytics, and business intelligence tools. Moreover, the growing adoption of digital technologies, fierce competition between businesses, increasing demand for improved decision-making, and rising need for cost-effectiveness and improved customer satisfaction among businesses are some of the most prominent factors driving the growth of the market. In addition, the rising investment in cloud computing is also helping the market to grow at a strong growth rate. For instance, according to Google, 41.4% of global technology and business leaders are planning to increase their investment in cloud computing (mostly cloud-based services and products) due to the current economic climate.

• Based on component, the market is bifurcated into solutions and services. Amongst solutions and services, the solutions segment catered to a significant share of the market in 2021. This is due to the benefits associated with BI and analytics solutions such as identifying trends & patterns, improved operational efficiency, driving revenue & performance, making informed decisions, etc. BI and analytics help companies gain a competitive edge by helping them find new opportunities and strategize smarter. With the help of all the data, businesses can identify market trends and improve corporate profit margins
• On the basis of industry, the market is segmented into information & communication technology, banking & financial services, manufacturing, retail & e-commerce, and others. The banking & financial services industry held a significant share of the BI and analytics market in 2021 and is expected to grow at a substantial CAGR during the forecasted period. This is because BI and analytics allow financial institutions to create better customer retention policies. With a better understanding of their usage, patterns, and transactions, an organization can offer a better experience to the customer
• For a better understanding of the market adoption of the BI and analytics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The demand for BI and analytics is growing in the North America region mainly due to several reasons. The growing adoption of digital technologies across various industries, which generates a massive amount of data is one of the key drivers. BI and analytics tools provide companies with the ability to make sense of this data, gain insights into their operations, and make data-driven decisions. Additionally, there is a growing need for businesses to remain competitive in a fast-paced market, and BI and Analytics can help them identify trends and opportunities quickly. Further on, the increasing emphasis on data privacy and security is driving companies to adopt more sophisticated BI and analytics tools to ensure the safety of their data
• Some of the major players operating in the market include Adobe; Google; IBM, Oracle; SAS Institute Inc.; Salesforce, Inc.; Micro Focus; Cloud Software Group, Inc.; SAP SE; and QlikTech International AB